We all know there’s one major factor when choosing a new car: price. After all, no matter how perfect a vehicle, it just isn’t going to work if you can’t afford it. So, the real question is, how much can you afford? At Woody Folsom Chrysler Dodge Jeep® RAM, we have a few tips to help you figure out how to budget for a new car.
The first step is determining how much financing you qualify for if you can’t pay cash for a vehicle. You can apply online for financing or visit our auto finance center near Douglas, GA to see what your total investment can be. However, that total investment may not necessarily match your monthly budget.
We have a convenient payment calculator to help you determine if your total investment is inline with your monthly budget. This is composed of both principal and interest, which is the amount going towards your loan and the direct fee you pay to your financial institution. Don’t forget to factor in the cost of auto insurance. You’ll also need to remember the cost of gas and maintenance, as vehicles aren’t free to use either.
A few things can factor into the cost of your vehicle. Whether you are purchasing or leasing a new vehicle, you need a down payment. If you have a sizable down payment to make or a vehicle to trade-in, it can help to lower your monthly payments and total investment.
Whether you are looking at new pickup trucks or for a new SUV, it’s important to get prepared financially. If you have more questions or need additional information, stop in and see us. We’re happy to help!